Life science sector fuel demand in Oakland Metro
Biotech companies are growing in the Bay Area, where Emeryville, Berkeley, and Alameda have served as hotspots for years.
November 13, 2019
- Biotech companies are growing in the Bay Area, where Emeryville, Berkeley, and Alameda have served as hotspots for years. Competition is increasing for office and lab space, as total vacancy sits at 8.9 percent as of Q3.
- While limited lab space remains, there has been more demand for life science product than traditional offices, and lab users make up almost 50.0 percent of Oakland Metro tenant activity.
- As a result, owners are converting second generation office and flex space to accommodate increased lab demand, translating into increased build-out costs and rents. This trend is occurring especially at Marina Village in North Alameda, where plenty of flexible options exist and asking rents have increased 40.9 percent year-over-year.
Source: JLL Research